Decentralized finance (DeFi) asset Ethereum (ETH) regained key positions in 2023, aided by the overall market rally and increased network development activity. With 82% historical accuracy, the crypto community predicted the price of Ethereum for February 28, 2023.
Crypto community predicted Ethereum price for February 28, 2023
The crypto community is looking forward to how the price of ETH will play out among the major network milestones going on in the coming days. This is why the community is ahead of any possible ETH price trajectory scenarios. In particular, a crypto community at CoinMarketCap predicts, through its price prediction feature, that Ethereum will trade at an average price of $1,542 on February 28, 2023.
According to data obtained by Finbold on February 8, the community projection is based on the votes of 1,754 members, and the price represents a correction of over 7% from the price of ETH at the time of publication.
Ethereum community price prediction. Source: CoinMarketCap
Indeed, the ensemble estimate points to consolidation compared to an estimate made by a machine learning algorithm at PricePredictions. According to the estimation, ETH would trade at $1,582 on February 1, 2023.
The community explains the average accuracy rate for the sixth month as 82.53%, taking into account past forecasts. The latest accuracy rate for January 2023 was 89,879%.
Estimated accuracy of Ethereum community price prediction: Source: CoinMarketCap
Ethereum’s bullish catalyst
While the community expresses bearish bias for ETH’s price action, the asset is trying to build on possible bullish sentiments from last year’s Merge update, which turned the network into a proof-of-stake (PoS) protocol. Currently, Ethereum investors are aiming to start withdrawing their staked ETH in March, when the Shanghai hard fork is expected to go live.
Meanwhile, punters are trying out the withdrawal feature after Zhejiang testnet activation. Overall, some of the consequences of the Shanghai upgrade will be the start of a possible explosion in staking popularity among investors looking to generate returns and possibly impact the value of ETH.
While the full impact of the upgrade is yet to be determined, Ethereum is witnessing increased network activity. Interestingly, activity has not been dampened by the network’s gas fees, which have steadily increased since the Merger.
Ethereum gas fees chart. Source: Hilldobby
Apart from network upgrades, Etheruem will aim to gain momentum from enterprise adoption of its services. Finbold reports that the latest ETH developments involving institutions will see Russia’s launch of Sberbank and its Ethereum-based DeFi platform mid-year.
Ethereum price analysis
Ethereum rallied almost 3% in 24 hours, changing hands at $1,674, while on the weekly chart, ETH is up over 5%.
Ethereum seven-day price chart. Source: Finbold.
Overall, Ethereum is fueling the bullish rhetoric despite possible setbacks such as higher gas fees.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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